Mubasher: Moody’s Investors Service has affirmed Gulf Bank of Kuwait’s (GBK) long-term deposit rating at “A3”, with a “Stable” Outlook.

The bank’s short-term deposit rating was affirmed at “Prime-2”, while the baseline credit assessment (BCA) was affirmed at “ba1”, according to a bourse statement issued on Thursday.

Moody’s ratings was affirmed based on the decline in the non-performing loans (NPLs) to 2.5% of the total loans as well as the improvement of covering provisions with a rise of 33% as registered on 2016.

On Tuesday, Fitch Ratings has affirmed the bank’s long-term Issuer Default Rating (IDR) at “A+”, with a “Stable” Outlook.

At the stock level, GBK started Thursday’s session 0.78% lower at 255 fils.